Hello, my friends, this is my 1st blog with the details of cryptocurrencies that are being used all over the world as cashless transactions which can’t be tracked by anyone. Let see in detail cryptocurrency.

A cryptocurrency is a collection of data that is considered to work as a medium of exchange or transfer between two points which is secured with strong computerized cryptography to help in securing transactions. Cryptocurrencies are generally cashless currencies, as they are not convertible into a commodity/product. It does not subsist in physical form (like paper money) and is not issued by a central authority. When a cryptocurrency is made, it is generally streamlined. 

History

In 1983, the American cryptographer David Chaum started anonymous electronic money called ecash. He formed an early form of cryptographic payments which requires user’s software in order to take out money from a bank which allows the digital currency to be undetectable by the issuing bank, government or any other authorized people.

In 1998, Wei Dai published a report of "b-money", characterized as an unspecified, electronic cash system. Shortly thereafter, Nick Szabo told about bit gold.

In 2009, the first anonymous cryptocurrency, Bitcoin, was created by pseudonymous developer Satoshi Nakamoto. 

In June 2021, El Salvador became the first country to accept Bitcoin as lawful tender after the Legislative Assembly had voted to pass a bill submitted by President classifying the cryptocurrency as such.

In August 2021, Cuba followed Resolution 215 to accept Bitcoin as lawful tender. 

Formal definition

A cryptocurrency is an anonymous system that meets six conditions in the transactions. 

The system does not require a central power; its state is maintained through distributed agreement.

1.       The system keeps a summary of cryptocurrency units and their user's details.

2.       The system suggests whether a new cryptocurrency can be created. If a new cryptocurrency can be made, the system defines the conditions of their origin and how to conclude the ownership of these new coins.

3.       The system allows transactions to be performed in which the owner's data of the cryptographic coins is changed. A transaction declaration can only be issued by a body proving the current ownership of these units.

A list of some cryptocurrencies can be found here:

Altcoins

Tokens, cryptocurrencies, and other types of digital assets(cashless) that are not like bitcoin are jointly known as unconventional cryptocurrencies, typically shortened to "altcoins" or "altcoins". Paul suggested that altcoins as "alternative ways of bitcoin". 

Altcoins often have differences from bitcoin. 

Litecoin aims to develop a mass every 2.5 minutes, relatively than bitcoin's 10 minutes, which allows Litecoin to verify cashless transactions faster than bitcoin.

Another example is Ethereum, which has smart functions that allow applications to be run on its channel. Ethereum was the most used blockchain in 2020 and in 2016, it had the largest "following base" of any other. 

Stablecoins

Stablecoins are cryptocurrencies that are calculated to maintain a stable level of purchasing power. 

Today is the detailed origin of cryptocurrency. Keep sharing, keep following. Thank you for your time.